Coal mining industry reports net profit in Q1
The coal mining industry reported an improvement in its financial results, generating a net profit of PLN 77.8mn in Q1, compared to a loss of PLN 201.5mn a year before. The government's press office announced the positive result was mainly due to writing off some of the industry's debt, in the part concerning the mines that had been closed down. Without the write-offs, the industry's financial result would still be negative - the net loss would amount to PLN 158.1mn. The total debt that is covered by the restructuring plan amounts to PLN 8.25bn, PLN 5.06bn of which is going to be written off and the payment of the remaining PLN 3.2bn will be deferred. In 2002, the coal mines expect a net profit of PLN 245mn. The daily newspaper Rzeczpospolita reported that some of the worst coal mines are going to benefit from the Finance Minister Grzegorz Kolodko's plan to annul debts of floundering companies. ISB, kp,bb
Źródło:Polski IntelliNews
